The market Kraig Biocraft Laboratories has targeted is generally referred to as the “technical textiles” market. This market encompasses a wide range of products that are used for a large number of different types of applications. The products sold into the technical textiles market are either finished products in themselves or are used as components to produce other products.
The specific sector of the technical textiles market targeted by the company is known as the high-performance fibers market and can be broken down into two main areas: Aramid fibers, the best known of these fibers being DuPontâ€™s Kevlar which produces more than $5 billion in annual sales; and ultra-high molecular weight polyethylene fibers, such as Spectra, which is produced by Honeywell International, Inc.
The worldwide market for these fibers and other high performance technical fibers is massive. It is estimated that this market generates $90 billion per year, with the United States accounting for more than half of the market. The industry has experienced significant growth over the past 10 years and is expected to continue growing at a similarly robust rate over the coming years.
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